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20th Century Fox
]] '''Twentieth Century Fox Film Corporation', 20th Century Fox, or Fox, was the American film company that was involved in the production of the third film, The Voyage of the Dawn Treader, which it distributed and Walden Media produced. It took the place of Walt Disney Studios in the distribution of future films in the Narnian franchise in the aftermath of a budget dispute between Disney and Walden Media. Popular franchises under the Fox umbrella include the Ice Age, Revenge of the Nerds, X-Men, Alien, Predator and X-Files franchises. History The company was founded on May 31, 1935, as the result of the merger of Fox Film Corporation, founded by William Fox in 1915, and Twentieth Century Pictures, founded in 1933 by Darryl F. Zanuck, Joseph Schenck, Raymond Griffith and William Goetz. 20th Century Fox is a member of the Motion Picture Association of America (MPAA). Potential takeover On December 14, 2017, The Walt Disney Company announced that it was acquiring most of Fox's parent company, 21st Century Fox, including the film studio. On May 7, 2018, shares of Fox rose 5.1% when a report was released that Comcast was in talks with investment banks and firms in order to obtain bridge-financing for an all-cash bid, reportedly worth $60 billion, that threatened the Disney-Fox deal. On May 29, it was reported that Disney was looking into making its own all-cash counter-offer for Fox assets in the event that Comcast went through with their offer. The next day, Disney and Fox announced that they have set their shareholder vote meetings for July 10, though both companies have stated that Fox's meeting could be postponed if Comcast came through with their offer. On June 12, AT&T was given approval by District Judge Richard J. Leon to acquire Time Warner, easing concerns Comcast had regarding whether government regulators would block their bid for Fox. Consequently, the next day, Comcast mounted a bid of $65 billion for the 21st Century Fox assets that were set to be acquired by Disney. On June 14, Bloomberg News reported that the New York Yankees were seeking to invoke a clause in Fox's purchase of stakes in YES Network, allowing them to buy back Fox's stake in the event of a change in ownership (and thus prevent it from being included in the sale). On June 18, it was reported that Disney will add to its already existing $52 billion claim to contest Comcast's proposed counter-offer for the Fox assets. On June 19, it was reported that Disney has agreed to acquire Sky News from Sky itself. On June 20, Disney and Fox announced that they had amended their previous merger agreement, upping Disney’s offer to $71.3 billion (a 10% premium over Comcast's $65 billion offer), while also offering shareholders the option of receiving cash instead of stock. On June 21, Murdoch said in response to Disney's higher offer: "We are extremely proud of the businesses we have built at 21st Century Fox, and firmly believe that this combination with Disney will unlock even more value for shareholders as the new Disney continues to set the pace at a dynamic time for our industry." That still does not prevent other companies from making a bid, as the deal was needed to be voted on by shareholders. Iger explained the reasoning behind the bid: "Direct-to-consumer distribution has actually become an even more compelling proposition in the six months since we announced the deal. There has just been not only a tremendous amount of development in that space, but clearly the consumer is voting—loudly." On June 27, the United States Department of Justice gave antitrust approval to Disney under the condition of selling Fox's 22 regional sports channels, to which the company has agreed to. On July 11, 21st Century Fox raised its bid to purchase Sky's assets to $32.5 billion, and $18.57 a share. In response, Comcast increased its bid to $34 billion, and $19.5 a share. At the same time, Fox was given clearance by the British government to purchase Sky. The bidding war for Sky led to some analysts speculating that Comcast could give up bidding for 21st Century Fox in favor of a smaller battle. On July 12, the Department of Justice filed a notice of appeal with the D.C. Circuit to reverse the District Court's approval for AT&T acquisition of Time Warner (now WarnerMedia). Although analysts say that the chances of the DOJ win are small, they say it is the "final nail in the coffin for Comcast's Fox chase. This is a clear gift to Disney." On the next day, CEO of AT&T Randall Stephenson gave an interview with CNBC, about Comcast's bid for Fox: "It probably can't help it. You're in a situation where two entities are bidding for an asset, and this kind of action can obviously influence the outcome of those actions." On July 13, Disney received the support of the Institutional Shareholder Services and Glass Lewis, the two most prominent proxy adviser firms in the world. Fox shareholders were recommended by the advisers as means to provide for Disney's future. Also on that same day, British regulators have decided that if Disney purchases Fox's assets before Sky's purchase from either Fox or Comcast, it will be forced to launch a bid for the full ownership of Sky, at a minimum of $18.6 a share. On July 16, CNBC reported that Comcast is unlikely to continue its bidding war to acquire Fox from Disney in favor of Sky. On July 18, Bloomberg reported that the Sky board also scheduled July 27, 2018 as the day shareholders vote on selling Sky properties. On July 19, Comcast officially announced that it was dropping its bid on the Fox assets in order to focus on their bid for Sky. The CEO of Comcast, Brian L. Roberts, said "I'd like to congratulate Bob Iger and the team at Disney and commend the Murdoch family and Fox for creating such a desirable and respected company." On July 25, TCI Fund Management, the second largest shareholder of 21st Century Fox, voted to approve the Fox-Disney deal. On July 27, Disney and Fox shareholders approved Disney's purchase of Fox's entertainment assets. See also * Walt Disney Pictures * Walden Media Trivia * The new 20th Century Fox Logo was animated by Blue Sky Studios, creator of the Ice Age movies. References External Links * Fox website Category:Movies Category:Film studios